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“# US AML watchdog wants info on all international crypto transactions over $250 ” The Financial Crimes Enforcement Network (FinCEN) and Federal Reserve are looking to get more information on smaller transactions than ever before. According to a notice of proposed rulemaking published on Friday, the agencies want to lower the $3,000 threshold established in 1995 to…
“# French Finance Minister throws shade at crypto, praises blockchain ” French Finance Minister Bruno Le Maire, who once said Facebook’s Libra token would risk the “monetary sovereignty of states,” is continuing his criticism of cryptocurrencies. In an Oct. 19 tweet, Le Maire claimed some cryptocurrencies are associated with purchasing drugs and weapons in addition…
“# US financial watchdog fines early Bitcoin mixer $60M for money laundering ” The founder and operator of some of the first “mixing” services in crypto will have to cough up $60 million to U.S. regulators, even as he faces continued criminal charges. The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on Monday a $60-million…
“# Understanding the EU’s 6AMLD and the risk to your business ” In January 2020, the European Union released its Fifth Anti-Money Laundering Directive to increase transparency while tackling fraud, money laundering and cybercrimes. The 5AMLD extended the scope of customer due diligence checks, introduced domestic and politically exposed persons, extended the creation of central…
“# BitMEX operator hires chief compliance officer amid US criminal charges ” The operator of crypto derivatives exchange BitMEX, 100x Group, has hired a seasoned Anti-Money Laundering (AML) specialist, Malcolm Wright, as its chief compliance officer. In an announcement on Oct. 12, the 100x emphasized Wright’s profile as the current chairman of the Advisory Council…
“# Memo to crypto exchanges: KYC compliance can be a competitive advantage ” Crypto intelligence firm CipherTrace released a study on Oct. 1 reporting that more than half of the world’s cryptocurrency exchanges had deficient customer identification processes in place against money laundering. On the same day, the United States government announced that it had…
“# BitMEX founder and ex-CTO out on $5M bail bond until court appearance ” BitMEX’s co-founder and former chief technical officer, Samuel Reed, has signed a $5 million unsecured appearance bond for his release from custody pending court proceedings. Reed had been arrested by the United States Department of Justice in Massachusetts on Oct. 1…
“# BitMEX exchange operator shuffles leadership in wake of criminal charges ” The operator of crypto derivatives exchange BitMEX has announced a sweep of its top leadership, after United States authorities charged its founders with failing to prevent money laundering and operating an unregistered trading platform illegally. On Oct. 8, BitMEX’s operator, 100x Group, announced that the exchange’s three…